TL;DR
Bitcoin (BTC) has been on a tear in the past several months, with its price surpassing the psychological level of $100,000 at the beginning of December and hitting an all-time high of over $108,000 a few weeks later. Despite the pullback towards the end of the year that suppressed the asset’s valuation to under $92K, the bulls stepped in again, and BTC is currently standing just south of the $100K mark.
The situation might look quite bullish, but some industry participants, such as veteran trader Peter Brandt, believe the primary cryptocurrency could experience a major crash sometime in the future.
Most recently, he suggested that many traders “will get too leveraged, miss the top, and get blown out” due to a potential 50% correction in BTC’s price. Brandt is even more pessimistic regarding altcoins and meme coins, envisioning a 90% and 100% crash, respectively.
A decline to around $50,000 for BTC seems quite unlikely at the moment, considering the market’s current bull cycle and Donald Trump’s upcoming inauguration. Recall that the next president of the USA made several pro-crypto promises that could trigger further resurgence for the sector (assuming he sticks to his word).
However, the cryptocurrency market remains highly unpredictable, and investors should beware of unexpected fluctuations all the time.
It is interesting to note that in one of his previous posts, Brandt noted BTC’s impressive performance in the past 15 years, saying he is a holder.
Contrary to Brandt’s grim forecast, there are many analysts who think BTC bulls will continue to thrive in the near future. The X user with over two million followers, Lucky, shared an intriguing chart predicting that the bull market could last until 2026. That said, they envisioned a BTC rally to as high as $200,000.
Crypto Rover and Doctor Profit are also among the optimists, albeit setting lower targets. The former recently speculated that BTC might hit a new ATH of $120,000 during the first three months of the year, while the latter forecasted a pump to $125,000.
Those willing to explore additional price forecasts and check whether now is a good time to hop on the BTC bandwagon can take a look at our dedicated video below:
The post Veteran Trader Peter Brandt Predicts a Devastating Crypto Crash: Is There Room for Concern? appeared first on CryptoPotato.
